Shopping for an energy provider is all about risk management—it’s no different from making any other financial investment—and part of managing that risk involves doing some research into which providers offer the best rates and services with plans that meet your specific energy consumption needs. Finding the right price, however, is only one part; it isn’t the only thing you need to do to secure your investment. You also need to look into the reputation of the provider you are about to invest in. Even the best rate plan on paper can wind up being a poor investment if the provider fails to fulfill your expectations.
But where can you go for accurate information about your potential energy provider’s reputation? How about a market research review.
In 2013, Vancouver- and Calgary-based market research company, Insights West, released a report outlining the top-rated energy brands in Alberta. Insights West formed their report based on a series of online studies that involved public perceptions surrounding 21 different energy companies.
Which Alberta energy companies rated highest?
Insights West’s results revealed Suncor and ATCO to have the highest energy rating among consumers. While overall, the average corporate reputation score among all energy brands rated 6.6 on a 10-point scale, Suncor and ATCO each received averaged ratings of 6.9. Husky Energy, Encana, and Imperial Oil followed close behind, each with average scores of 6.8. Direct Energy and Enbridge received the lowest ratings at 5.7 and 6.1, respectively.
Direct Energy’s low ratings coincide with mounting customer complaints, particularly following their 2014 switch to a new online billing system. Along with Just Energy, however, Direct Energy is one of the only energy retailers in Alberta to employ door-to-door sales staff, a factor which could act as a potential contributor to its low public reception.
Why are ATCO and Suncor in the lead?
According to a 2013 Globe and Mail report, Suncor rates at the top of the list of Canada’s top 1000 companies by industry for the oil and gas sector. Based on revenue alone, it makes the top of its list at $38,788,000. Husky follows close behind in 3rd on the list with a revenue of $23,358,000. However, when it comes to the gas and electrical utilities sector, Enmax is 6th on the list with a revenue $3,160,100, TransAlta is 8th with a revenue of $2,269,000, and Epcor Utilities is 9th with a revenue of $1,961,000. ATCO, with the highest consumer rating, doesn’t make the top 1000 list in Canada—so what is it about the company that sets it so far ahead with consumers?
Part of the appeal is familiarity.
Insights West’s report showed consumers to have significantly less familiarity with energy providers than with other Alberta companies. ATCO and Suncor, along with Shell Canada, Imperial Oil, Husky, and ENMAX were shown to be most familiar to Albertans. ATCO had a familiarity rating of 82%, while Suncor rated 76%, Shell Canada rated 89%, Imperial Oil rated 74%, Husky rated 73%, and 72% of Alberta’s energy consumers were familiar with ENMAX. Albertans were least familiar with Spot Power, Bullfrog Power, and Kinder Morgan.
Of course, there are multiple facets to consider when it comes to the rating system. Insights West’s report also revealed Syncrude to be a leader in innovation, community support, and for being a good employer; EPCOR received the highest scores in customer service provision; Husky was rated highest for trustworthiness; and ENMAX received the highest ratings for friendly service and its support of Canadian values.
